Businesses have a clear interest in shaping a legal environment that is conducive to international trade. That’s why they should take an active role in setting the rules that govern their own business operations, and not leave regulation entirely in the hands of governments.
Today, most businesses engage in some degree of lobbying, and some businesses have public affairs executives to deal with regulatory issues. Very few companies employ specialists in self-regulation. Yet having high-quality business rules in place is one of the most effective ways to avoid harmful regulation.
